Diamonds. We love them. Ladies love them. Rent-to-own consultants and gurus love them, too. They’re sparkly. They’re pricey. That’s part of the allure, though, of the diamond, whether it’s a round cut, princess or marquise. However, as fun and trendy as it is for a lovely lady to receive such a radiant treasure, one thing’s for sure — if you just don’t have the funds to buy, you’re out of luck. More importantly, if you don’t find the right jewel for the money, you’re up a creek.
In the real estate market, we look for the best deals. These days, it seems, rent-to-own homes are among those best deals, but they’re often difficult to find, hard to negotiate over, and a challenge to traverse through the legal channels of making sure you’re in compliance with an industry already littered with pitfalls. This is why oftentimes real estate agents don’t care too much for the rent-to-own home, because such a contract only involves the landlord/homeowner and the tenant/home buyer. Nobody else. No lawyers (although they can be included, obviously for a hefty retaining fee), no agents, no nothing.
Rent-to-Own Consultants has changed the real estate landscape to a certain degree: they’re the middle man. The advocate. The diamond cutter. With them, they can resolve any need for legal representation, gain access to any list of rent-to-own homes, and even offer affiliate services for anything like credit repair or identity theft protection. They are what they say they are: consultants. And their fee isn’t as pricey as any of those diamonds you’ll find at Jared.
Aside from this review from RTOR, you can even check out Nationwide Property Value’s take on them as well as Assisting Renters’ viewpoint and know the truth: the Rent-to-Own Consultants bring the goods as an affiliate of the BBB A-rated H.O.P.E. Program — in any shape, cut or shine you could ever want in a rent-to-own home.
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Brace yourself: this is going to be difficult. As with anything in the real estate industry, you end up thinking you need either a real estate attorney or maybe Superman to wrap his brain around the concept of knowing the difference — between a rent-to-own and a land contract. Not even a kryptonian could honestly figure that one out (which is why you have our rent-to-own consultants helping you out with this one!).
Get interested when a potential seller even mentions this term. It’s an intriguing way for a seller to basically sell the home without giving up the title, basically. You, as the buyer, can purchase the home through contract and essentially pay “rent” (for lack of a better term), and when you’ve paid the entire purchase price for the home, the title to the property’s all yours.
In a way, it’s like leasing a car. You get to drive it. You get to maintain it. You get to go on a road trip clear across the country if you want. But you never get to own it — and that means you can’t sell it or perhaps even upgrade it — until you finish paying it all off. Certain advantages and slight disadvantages there, obviously. You can see why you might want to ask this along with other inquiries about rent-to-own.
The only way I can differentiate on this is that it’s largely dependent on an agreement typically made by the home seller. An offering for a land contract focuses mainly on the entire selling price — whereas a rent-to-own keeps it as a tenant-landlord deal for a specific period of time with an extra portion of each monthly rent going toward a down payment for ownership of the house.
It’s convenient. It’s flexible. And that’s the key. A land contract seals you in for the deal, for the long haul. You can’t back out of it without some form of penalty, because you agreed to basically own the house later on. But a rent-to-own simply offers the option — if you want it (which most of the time you would, provided you negotiate the best of terms for both parties).
Like looking into a mirror or something. But don’t be fooled. A land contract is so different from a rent-to-own that it’s scary. Just be well-informed. Because while you might want to just stick with a full lease on a house and make those payments as if its a mortgage, know that you don’t have a lot of wiggle room….
But a rent-to-own? That’s a whole different story and superhero altogether.
To get help finding a rent-to-own home, click here.
People talk a lot about rent-to-own homes like it’s the new innovation in the candy business. After all, when the Snickers bar first came out, everyone was in a rush about the novelty and ingenuity of merging chocolate and nuts together, so the rage made waves, for sure! Rent-to-own is like that — it’s candy. It’s yummy. But if you’re not careful or haphazard about rushing into an agreement without asking the correct questions, you could get yourself into a lot of hot water (or wrappers all over your floor, plus a few toothaches).
The thing is not every seller/owner out there will say flat-out what the deal is. To them, they’re thinking they just need a tenant. But what about rent-to-own? I can imagine many sellers/owners would blink at the idea, so it is important to ask about it and know what you’re getting into.
There’s a lot of negotiation that comes into play with a rent-to-own, so it’s no surprise that questions get asked on a regular basis. The thing to remember is this: what are the right questions to ask? Clearly you have an advantage with all the rent-to-own reviews available in the market right now.
It’s imperative that you know that not everyone is in the know — especially sellers/owners. Most don’t know what the heck is going on, especially when they’re dabbling in the prospect of a rent-to-own. Our rent-to-own consultants can educate them. We can educate you. And we can make sure that rent-to-own works out well for both.